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The Real Deal NYC

Will real estate developers seize on “Opportunity Zones” tax incentive?

A short drive from downtown Miami, colorful murals highlight the Haitian diaspora and pink and yellow island-themed buildings dot Second Avenue in Little Haiti. Among the traditional Creole eateries, some millennial-focused restaurants have emerged, advertising craft beer and featuring organic rotisserie chicken and jalapeno jam on their menus. The slow transformation has not gone unnoticed. As some see the area poised to become the next Wynwood, Little Haiti has piqued developers’ interests in recent years. […]

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Avison Young lines up $250M investment from Canadian pension fund

Canadian pension fund manager Caisse de dépôt et placement du Québec has invested $250 million in Avison Young, which plans to use the capital injection to expand its North American presence. Avison Young CEO Mark Rose said that the proceeds from the preferred equity investment will be used to repurchase shares in Avison held by its private equity partner, the Vancouver-based Parallel49 Equity. The deal means that Avison will once again be 100 percent owned […]

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Rental discounts are dropping in Battery Park City

Discounts are getting harder to come by in Battery Park City. Rental price drops in the neighborhood decreased by 14 percent year-on-year to 74 transactions, according to Platinum Properties‘ second quarter report. The decline is more pronounced on a quarter-to-quarter basis, with the number of discounts dropping by 77 percent over the first quarter. The dearth of discounts coincided with price growth in the neighborhood. During the quarter, the median rent in the area rose […]

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Retail sales rise nationwide in Q2, indicating strong economic outlook

Nationwide retail sales were up in the second quarter year over year, a positive sign for the overall economy, though department store revenue continued the drop. From April to June, retail sales in the U.S. grew by 5.9 percent compared to the same period in 2017, the U.S. Commerce Department reported Monday, , according to the Wall Street Journal. June sales rose 0.5 percent from May figures. The news wasn’t good for everyone. Department store […]

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New York State investigates Kushner over construction harassment allegations

UPDATED, July 16, 6:00 p.m.: New York’s Tenant Protection Unit is launching an investigation into allegations of tenant harassment against Kushner Companies at its Williamsburg condo conversion at 184 Kent Avenue, the New York State Homes and Community Renewal announced Monday. The announcement came shortly after a group of 19 rent-stabilized tenants at 184 Kent filed a tenant harassment lawsuit against Kushner Companies, accusing the landlord of subjecting them to toxic dust, noise and unsafe […]

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Long Island Cheat Sheet: Rents rise across LI as high-end supply trails demand … & more

Rents rise across LI as high-end supply trails demand Long Island’s newest and nicest apartments are being snapped up by young professionals and well-off people without children, thereby driving up the prices of the high-end rentals, Newsday reported. In Nassau County, the average rent for a units in multifamily buildings was $2,257 in the first quarter — that’s up 3.2 percent from a year ago and nearly 30 percent from five years earlier, according to […]

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Blockchain-powered listing network is ready to take on traditional portals

Amid ongoing tension between agents and third-party portals over who controls listing data, a New York-based startup is launching what it says is the first blockchain-based multiple-listing service. Founder Stephen King, a former commercial broker, said his company — imbrex — is a global MLS that is the first to syndicate data via the Ethereum blockchain. The decentralized, open-source system is billed as an alternative to traditional MLS networks and third-party sites like Zillow and […]

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Gazit-Globe buys Williamsburg retail condo for $47M

Israeli company Gazit-Globe has made another major purchase in the Brooklyn retail market. The firm purchased the retail condo of the Edge in Williamsburg from Madison Marquette for $47.3 million, according to property records. Madison Marquette put the property on the market last year for $50 million. The retail condo spans about 60,000 square feet, and tenants include CVS and Brooklyn Harvest Market. Madison Marquette bought the space with a silent partner for $45.5 million […]

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StreetEasy launches new “My Agent” feature — with notable disclosures

StreetEasy is letting Premier Agents in New York City double down on the lucrative advertising program. The Zillow-owned portal is rolling out “My Agent,” an optional feature that lets buyers continue working with agents they’ve already contacted on StreetEasy. Specifically, Premier Agents who spend a certain amount of money advertising on StreetEasy can send “My Agent” requests to their buyers; if the buyers opt-in, they can stay connected and share listings on an ongoing basis. […]

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Soundview multifamily project receives third-biggest Bronx loan of 2018

Azimuth Development Group has landed about $107 million in financing from the city for a multifamily development in the Bronx, in what appears to be the third-largest loan the borough has seen so far this year. The developer is using the money from the New York City Housing Development Corporation to build a 326-unit apartment complex at the site of the Bronx Pentecostal Deliverance Center in Soundview, according to Commercial Observer. The church rezoned its […]

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